The Public Protection Cabinet, a division of Kentucky’s Department of Financial Institutions, regulates the licensing of mortgage loan originators.
The filing of the license is accomplished through NMLS, the Nationwide Mortgage Licensing System. The surety bond is mailed to the state of Kentucky for filing.
There are two surety bond amounts available for this profession:
It takes about 5 minutes to have this bond issued on your behalf.
All applicants are approved for either the $15,000 or $20,000 Kentucky loan originator bond. There is no credit check nor review by an underwriter.
What this means for you is that after completion of an application --- which may taken over the phone with an agent --- and payment of the premium, this bond is issued to you immediately.
The Kentucky loan originator bond is issued with a standard term of one year from the date of issuance. However, you also have the option to prepay the bond for up to 3 years. Prepayment of the bond allows for a savings over year to year renewal of the bond’s premium.
The breakdown for prepayment options are as follows:
- $15,000 surety bond-
-$20,000 surety bond-
The purpose of the KY loan originator bond is to serve as a financial guarantee which secures your compliance with the Mortgage Loan Company and Mortgage Loan Broker Act, and any future amendments or additions to this law.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit surety bonds throughout Kentucky.
Our agency also provides surety bonds nationwide.
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